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Part of IEA held dialogues in Antalya ahead of COP31, discussing how the energy crisis from the Middle East war is affecting global energy discussions.

How could the global push for electrification affect Eni's long-term business model?

Possible What happens if… A possibility worth considering, not a forecast.

The global shift toward electrification may challenge Eni's long-term fossil fuel revenue. The global movement toward a 35-by-35 pledge—aiming to increase electricity's share in the global energy mix to 35 per cent by 2035—signals a major structural shift away from fossil fuels. As a multinational oil and gas company, Eni is exposed to this trend. Since Eni has a partnership agreement with the International Renewable Energy Agency (IRENA), which coordinates these global energy transition goals, the increasing focus on electrification presents a potential long-term challenge to the demand for oil and gas products.

Reported by 1 independent outlet Written Oct 11
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How it reaches Eni

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The facts so far

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  • The 35-by-35 pledge aims to increase electricity's share in the global energy mix to 35 per cent by 2035.business-standard.com
  • India's energy mix is still dominated by fossil fuels at over 75 per cent.business-standard.com
  • The plan builds on the Dubai COP28 target to triple renewable capacity and double energy efficiency by 2030.business-standard.com

Why it matters

For Eni, a multinational oil and gas company, the global momentum toward electrification represents a fundamental, long-term challenge to the demand for its core products. While the transition is gradual, the establishment of global targets like the 35-by-35 pledge signals a sustained, systemic shift in energy consumption patterns worldwide. This trend requires major investment in alternative energy sources and infrastructure to meet future demand.

This shift is not unique to one region; it is a global climate imperative driven by the urgency of the energy crisis and climate-related disasters. Other nations are also pursuing electrification goals, such as China, which set a 35 per cent electrification share by 2030. The success of these global pledges depends heavily on financial support from developed nations to fund electrification projects in developing countries.

What we don't know yet

  • How quickly will the global adoption of renewable energy accelerate to meet the 35-by-35 target?
  • What specific role will oil and gas companies like Eni play in the transition, such as in grid infrastructure or hydrogen development?

What would change this answer

Developed nations significantly increase climate financing for developing countriesThe pace of electrification in major emerging economies, like India, could accelerate, increasing the long-term pressure on fossil fuel demand.
Global oil and gas prices stabilize or rise sharplyThe immediate economic incentive to transition away from fossil fuels may slow, delaying the long-term impact on Eni.

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The full eventIEA and IRENA Guide Global Push for 35% Electricity Share by 2035 Everything aboutEni

Brind's analysis is written by AI from the reporting linked above and can be wrong. This explainer is a possibility worth considering, not a forecast: steps marked as Brind's reasoning are not stated in the reporting. It is not investment advice; do your own research.